US Midwest soyabean bids fall on poor demand

Spot basis bids for soyabeans fell across the US Midwest on Thursday, weighed down by poor demand and the prospects for a huge crop in the fall boosting supplies, grain dealers said. Some maintenance shutdowns cut into the need for supplies at soyabean processors. Weakening export demand allowed river dealers to cut their basis levels.
Some river dealers were moving soyabeans to interior processors that were still open instead of shipping them to the US Gulf by barge as exporters had enough to meet their needs, a dealer in Iowa said. Soyabean bids have been weakening throughout the week.